Summit Financial LLC Has $1.49 Million Stock Position in Intel Co. (NASDAQ:INTC)

Summit Financial LLC reduced its holdings in Intel Co. (NASDAQ:INTC) by 22.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,215 shares of the chip maker’s stock after selling 14,163 shares during the period. Summit Financial LLC’s holdings in Intel were worth $1,493,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Interchange Capital Partners LLC purchased a new stake in Intel in the 2nd quarter worth about $698,000. Essex Financial Services Inc. lifted its stake in Intel by 41.6% in the 2nd quarter. Essex Financial Services Inc. now owns 69,013 shares of the chip maker’s stock worth $2,137,000 after acquiring an additional 20,289 shares in the last quarter. Aptus Capital Advisors LLC lifted its stake in Intel by 3.7% in the 2nd quarter. Aptus Capital Advisors LLC now owns 40,254 shares of the chip maker’s stock worth $1,247,000 after acquiring an additional 1,454 shares in the last quarter. nVerses Capital LLC purchased a new stake in Intel in the 2nd quarter worth about $434,000. Finally, Spartan Fund Management Inc. purchased a new stake in Intel in the 2nd quarter worth about $31,000. 64.53% of the stock is owned by hedge funds and other institutional investors.

Intel Price Performance

Shares of NASDAQ:INTC opened at $22.04 on Monday. Intel Co. has a 1-year low of $18.84 and a 1-year high of $51.28. The firm has a market capitalization of $94.24 billion, a PE ratio of 22.96 and a beta of 1.05. The business’s 50 day moving average is $27.24 and its 200-day moving average is $33.27. The company has a current ratio of 1.59, a quick ratio of 1.24 and a debt-to-equity ratio of 0.40.

Intel (NASDAQ:INTC) last announced its quarterly earnings data on Thursday, August 1st. The chip maker reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.08). Intel had a return on equity of 1.78% and a net margin of 1.77%. The firm had revenue of $12.80 billion for the quarter, compared to analyst estimates of $12.92 billion. During the same period in the previous year, the business posted ($0.05) EPS. Intel’s revenue for the quarter was down .8% compared to the same quarter last year. Sell-side analysts predict that Intel Co. will post -0.46 earnings per share for the current year.

Intel Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Wednesday, August 7th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Wednesday, August 7th. Intel’s payout ratio is presently 52.08%.

Wall Street Analysts Forecast Growth

INTC has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft cut their price target on Intel from $38.00 to $27.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Hsbc Global Res downgraded Intel from a “hold” rating to a “moderate sell” rating in a research note on Friday, August 2nd. Roth Mkm cut their price target on Intel from $35.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Daiwa America raised Intel to a “hold” rating in a research note on Monday, August 26th. Finally, Jefferies Financial Group initiated coverage on Intel in a research note on Monday, May 13th. They set a “hold” rating and a $34.00 price target for the company. Six analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Intel has a consensus rating of “Hold” and a consensus price target of $32.04.

Insider Transactions at Intel

In related news, CEO Patrick P. Gelsinger bought 12,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $20.16 per share, for a total transaction of $252,000.00. Following the transaction, the chief executive officer now directly owns 37,975 shares of the company’s stock, valued at $765,576. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.04% of the stock is owned by insiders.

Intel Company Profile

Intel Corporation designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Client Computing Group, Data Center and AI, Network and Edge, Mobileye, and Intel Foundry Services segments. The company's products portfolio comprises central processing units and chipsets, system-on-chips (SoCs), and multichip packages; mobile and desktop processors; hardware products comprising graphics processing units (GPUs), domain-specific accelerators, and field programmable gate arrays (FPGAs); and memory and storage, connectivity and networking, and other semiconductor products.